Loan Options When You Don’t Have Any Money for Emergencies

In the current year, 62% of Americans say they are living paycheck to paycheck. You may be one of these Americans. If so, you may be wondering what you can do if an emergency comes up. 

If you’re living paycheck to paycheck, you may not have any money for emergencies. You may need to take on a loan. However, you may not know what loan options you have for your situation. 

If so, read on. This article will give you some options for emergency loans.

Payday Loans 

Payday loans (also known as payday advance loans or same-day loans) are short-term loans that you pay for after you get your next paycheck. Often there is, as many people say, “Too much month at the end of your money.” You may run out of money but still need to buy things such as gas, groceries, etc. 

Advance on Your Paycheck

This is where payday loans can come in handy. Your boss probably won’t be willing to give you a part of your paycheck in advance. However, a payday loan company can give you a payment advance. 

When You’ll Receive Funds

After you apply for a loan and get accepted, you may receive the entire amount in a few hours or minutes (this is why these loans also have the name “same-day loans”). However, this may not happen with larger loans. You may have to wait for a day while the lending company studies your income and employment information. 

Due at Various Times

You may have to pay it all off with your next paycheck. However, you may also have other payment options available. 

Some payday loans are due in a few weeks or months so you can make monthly installment payments. For others, you have to pay with your next paycheck. Make sure that you read all the terms on your contract to know when you need to repay your loan. 

Do You Need Collateral? 

Collateral is an asset that you may offer up to protect a loan company. These assets can be monetary amounts or certain types of property that you own. Some companies will allow you to apply for a loan without collateral and some don’t. 

Bad-Credit Loans 

Have you missed a few payments on your credit card or with a certain loan? Then you may have bad credit. If you have bad credit, it may be hard for you to get a loan. 

Prevents Loan Approval

Banks and credit unions may consider people with bad credit to be too much of a risk. So people with lower credit can struggle to get the help they need. Luckily, there are still some loan companies that will offer “bad credit” loans.

What They Are 

Bad credit loans can help people with low credit scores. Most lenders that offer bad credit loans won’t even check your credit score. Instead, they will check your monthly income and other factors. 

When They’re Due

Bad credit loans can also be payday loans, installment loans, and/or unsecured loans. You can get them quickly, pay for them in monthly installments, and not have to offer up anything for loan collateral. 

How to Apply for a Bad Credit Loan 

What are the steps that you need to take to apply and get approved for a bad credit loan? You only need to take three simple steps.

Complete your application, get a decision from the loan company, and then get ready to receive your loan within hours or as far away as the next business day. 

Online Installment Loans

Both payday and bad credit loans can be online installment loans. “Installments” are weekly or monthly payments that you pay until you’ve completely paid off a payday and/or bad credit loan. You can also get both of these on an online platform rather than having to get them in a store. 

How Long They Last 

The amount of time over which you will pay your installments varies from loan to loan. You may be able to apply for short-term loans that last a month to half a year or a longer-term loan that lasts for several years. 

The amount that you have to pay can also vary widely. You may have options for these factors or the loan company can lock you into what they choose.

Qualifying Factors  

Keep in mind that you may get better deals if you have higher income, more secure employment, and other factors loan companies may check. You may also have less flexibility if your loan amount is higher. That all depends on what the loan company wants to do.

Eligibility 

What do you need to be eligible for an installment loan? To start, you need to be at least 18 years old and a US citizen. You must also have no recent bankruptcy and meet the monthly income requirements. 

In addition, you need to be able to verify your loan and receive it. To do the first one, you need to have a cellphone number and an email address. To receive your loan, you must have an active bank checking account. 

We Help Those Without Any Money 

If you don’t have any money and an emergency comes up, try getting one of the loans above. They should help you pay what you need for your crisis. Then you can pay back the loan once you get money from other sources. 

Do you need help to pay for an emergency? If so, consider getting help from us. We have plenty of loan options that you can choose from. 

Learn more about our payday loans on this page.